“Success is not a good teacher; failure makes you humble.” – Shah Rukh Khan

Over the years, I’ve coached at least one hundred INC. 500 winners. Most winning entrepreneurs love the rush, the praise, and the confidence that comes with success. They see opportunities everywhere, and what they don’t see others bring to them. And thus, a second business is soon on the horizon. 

I call it The Illusion of the Midas Touch. The vision for the next venture is often a little foggy. Hunches rule the day, and the hard work of research and a well thought out business and financial plan does not appear necessary. Of course, it will succeed; it is my idea and I have the Midas Touch.

The new project often cost two times more than estimated and two times longer to launch. 

 Each business takes the leader’s focus away from the pressing needs of the other, and it drains the money made from the successful business to prop up the new one.

The entrepreneur’s confidence takes a significant hit, and humility replaces the illusion of the Midas’ touch. If the entrepreneur survives, the future will be bright. Humility is the most underrated and essential characteristic of leaders.

To paraphrase Jim Collins, it’s the paradoxical combination of humility and an overwhelming desire to exceed expectations that becomes unbeatable.

Humble people recognize that they don’t know what they don’t know, are exceptional listeners and lifetime learners who understand that they can’t do it alone. They seek the best talent and advisors and lead by example. They recognize their strengths and weaknesses and create exceptional teams whose skills complement one another. 

The business world and marketplace eventually will shatter the illusion of the Midas Touch, and hopefully, out of the cocoon will rise a humble leader.  

Make today the day you embrace your humility. 

“I believe the first test of a truly great person is their humility.” – John Ruskin

“Pride is concerned with who is right. Humility is concerned with what is right.” – Ezra Taft Benson

“Don’t bury your failures; let them inspire you.” – Robert Kiyosaki